Here are the highlights, based on the text just released by the White House:

• Whenever an agency proposes a new regulation, it has to identify "at least two" previous regulations to be repealed.
• For all new regulations, "the total incremental cost ... shall be no greater than zero."
• If there are new costs, they have to be offset by eliminating costs in "at least two prior regulations."
• The process will be directed by Mick Mulvaney, who's set to become the next director of the Office of Management and Budget.
• If a new regulation wasn't already listed on the "Unified Regulatory Agenda" — a list of rules in the works — it can't be issued, "unless otherwise required by law" or unless Mulvaney says it's OK.
• The limit applies to fiscal year 2017, which is already underway.